31.2.9 Securities Deliver Free Confirmation

ML-450822, 10-JAN-1998,

Merrill Lynch, Wellington,

# 842/32, Barton Towers, NEW ZEALAND.

Wall Street,

New York,

U.S.A.

Sub : Confirmation of Securities Delivered Free of Payment

Kind Attention : Mr. Hugh Stevens

Settlements Officer,

Securities Department.

Dear Sir/Madam,

Table 31-12 Header

Header	Details
Your Reference	432765
Our Reference	000SEB7980040002
Securities Identification	ISIN NZDBONDWRP04
-	Wellington Railway 1 Jan 1993 Bonds
Trade Date	02-JAN-1998
Place of Trade	Wellington Bonds Market
Delivery Date	10-JAN-1998
Next Coupon Number	021
Next Coupon Due Date	01-APR-1998
Securities Book Value	**1,000,000.00 NZD
Instructing Party	Charles S. Taylor
Quantity of Securities	**1,000,000.00 Face Amount
Safekeeping Account (Delivered from)	94763 88
Securities Certificate Numbers	NW 25401 to NW 25410 10 x 100,000 NZD worth Bond Certificates
Receiver of Securities	Westpac Banking Corporation, Wellington
Beneficiary of Securities	Magnus P. Taylor
Beneficiary’s Safekeeping Account (with Receiver of Securities)	284564
Securities Registration Details	Securities Delivered have been registered in favour of Magnus P. Taylor
Securities Receipt Declaration Details	Bond Certificates with numbers as per your instruction have been delivered physically to the Receiver of Securities.

Other Information:

Please always quote Our Reference in all further correspondence regarding the above instruction.

Thanking you,

For Bank of New Zealand,

Wellington, NEW ZEALAND.